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DBW, which goes back to my earlier question that noone has answered.
Why not just plain and simple put the "for sale" board up and invite bids?
It's what the company (supposedly) wants, after all?
Would it mean we'd achieve a lower price? I don't see that.
Then again and to be fair, they could always put a notice out that they're inviting offers in the region of xx pence a share just to scare any idiots off, just as you might if selling your house.
They're not doing that either.
So we're not inviting a sale and we're not specifically saying we don't want one.
Which in all honesty has me wondering what we are doing?
Meanwhile, while there's no news to the contrary, we're moving towards production.
And while it doesn't really make sense, perhaps the questions should be more about exactly what the company is doing.
Because it's ultimate aim is as clear as mud to me.
And no, tiny hints in RNS' doesn't cut it.
If it wants a sale, it should just come out and say it.
"Our top priority is to allocate our human and capital resources efficiently to unlock shareholder value. We are curtailing spend that is not aligned with our value maximisation objectives including advancing non-essential studies in this market environment that do not materially increase value."
As I said earlier advancing the PFS addendum and MRE2 are clearly now seen as akin to pouring money down the drain. So I’d were no drilling and not advancing these studies ( now seen as redundant) what are the events that will result in achieving shareholder value … it’s not rocket science it’s just a question of who takes it, when & for how much
No mention of drilling
addicknt, I imagine they are cautious on that front because we haven't got any funding for a drilling campaign. So as soon as we announce that as the intention, the market starts to ask well where is the money coming from. The placing of the CGP shares would help in this regard.
RK, I'm not sure that's entirely the case. The penultimate paragraph may imply some drilling, but it's highly ambiguous.
Agreed...np mention of drilling...anywhere...
Red I read todays news as
We’ve decided not to waste any more cash on studies that won’t be needed anymore. This should be applauded ……. Why would the addendum and MRE2 no longer be needed ……. In other words we have enough money to Bob along until Sangha executes “the plan”
TheItalian - because he cannot stand the fact that he's been fobbed off by the company for the last 5 years or so and bought the "we're going to production" line. He can't stand the fact that he's trolled this BB, claiming we're all idiots for investing in a company and not believing what they are telling us, and now we all know that they were bluffing the whole time. If he was a man of principle he'd sell his investment here, as by his own mantra you shouldn't invest in companies you don't trust to be telling the truth. How he can claim to trust Solgold given the fact he's been hoodwinked this entire time is baffling.
SM...I suspect that PFS2 would not have improved the numbers due mainly to weak copper prices and inflation...
It doesn't add anything, nor does canning it delay DFS, but...
We won't get that far...
Can't wait that long...
Surely the stake sale will come before the merger, otherwise the shares go into Treasury and can't be voted at the AGM...
JMI - agreed on all that. But PFS2 has been canned altogether, not just delayed. Despite this from our Dear Leader Quady this morning:
"ColonelDrake of course PFS 2 is not dead in the water.
That is how we reduce costs for Alpala.
Try reading.
It's delayed no more than that and required for DFS."
Q, you don't really need to reply to my message.
A point here is that you always claim that you are just listening to what the company says, the rest is noise, and on that basis you conclude that SOLG would keep going until it goes to production, UNLESS someone pays up for the company.
Fair game.
But if the narrative changes, production-related initiatives like the DFS go to the backburner, and the messages from the new CGP masters point to the solutions listed as possible outcomes of the review, why do you apply a different standard to this narrative vs the previous one you have been banging about ad nauseam?
Pactrol typo apols
Q, Let me try to frame this for you. So they have now delayed the DFS, PFS2 and Provenir. Means they massively reduce the budget they had in the MD&A from $80m+ to maybe $35m. Means they have enough cash to get the best result from the strategic review. Them pushing out the DFS just means no production. They also have said that multiple times that these studies are useless. You would only say that if you do not intend to go to production. Think merger in Q4, stake sale of CGP shares in Q4/Q1. Full sale of ENSA/ Solgold in 2-4 months!
Patrol you are correct that's why am more convinced that this is now being sold ,the Ecuadorian government would except that if it was sold and taken to production at cascabel and drill permits taken up and continued imho there's options am sure in the deal/permits
no further drilling .I was under the impression that it was a condition of the leases that a certain amount of money was spent on exploring /drilling an I wrong ?
anon, as I pointed out earlier, he is still described as the "Interim CEO" and there's no reference to finding a full-time replacement. Why do you think that is? As I also pointed out, there's absolutely no hint we're looking for a full- time CFO.
How does a company expect to be taken seriously in the long-term if it doesn't have full-time people occupying those two roles?
Agreed Anon3 on all apart from our new CEO.
He is an interim CEO, not a permanent appointment.
I have a suggestion.
All the people that think a sale is imminent.
Could you please publish a date that when this date passes you will stop repeating this mantra, so that this forum can do away with this nonsense and discuss the way forward for Solgold.
anon3, it's not people just "automatically assuming" anything. The bloke leading the strategic review, Bob Sangha, has publicly stated that his preferred outcome is BHP and NCM owning NONE of Cascabel. Yes there is a chance that he doesn't get what he wants, but given his track record and baseball-bat wielding antics of late, you can be sure he's going to be doing all he can to succeed. And success to him is quite clearly a sale of the asset to a third party, or a sale of the company outright.
"It says an interest in Cascabel not the sale.
It's talking about a JV to take us to production."
Agreed Quady, it could mean anything.
It's just that some people automatically assume it means a sale of the whole thing.
And they always will, because it's what they are craving for.
I suppose it's this constant sale speculation that has kept this bb of interest for such a long time and I suppose we shouldn't knock it too much.
Meanwhile I take it to mean they will continue to consider any offer for either a percentage or a total sale, should such an offer come in.
Which is basically as it should be and tells us nothing new.
I'm really not sure why they came out with this news, tbh and the only thing that matters to me is that we have a new CEO. His SR is just an indication that he's going to get busy.
The fact that he's on such a low salary is interesting. I wonder how his pay could be performance based? What are his targets, I wonder?
A full sale? Hmm, I don't see that.
It would mean he has to put the "for sale" sign up with no ambiguity or clues in RNS'.
Bots busy on the buy side from 10.15 to 10.21...may have put a bottom in...
Still bid for 1 million at 17.14...
I'm going for sub 19p - let's see who gets its right novice, cop Friday it is.
Still stand by 30p by end of this week guys :))
ONWARDS AND UPWARDS!!!
We now basically have 3 things ahead of us:
The possible placing of the CGP shares (hopefully at a premium to current SP)
The formal merger
An opening bid
Of course the last one is the real uncertainty. But we are where we are - no going into production and I doubt any further drilling of any significance.
So it's a holding pattern.
Given that, I'm taking a break from this board until one of the above happens - I'm with Mr Micawber on this one: "Something is bound to turn up".
Good luck everyone meantime, traders and long term holders alike.
Good luck Red with this and all your other tranches.